Bermuda-domiciled reinsurer Hamilton Insurance Group reported a slightly higher combined ratio of 93.6%, with underwriting income of $29.1 million for the third quarter of 2024.

The reinsurer reported catastrophe losses (current and prior fiscal year), net of reinsurance of $38.3 million for the third quarter of 2024, driven by Hurricane Helene to $33.9 million, storms Calgary hail at $12.3 million and Hurricane Debby at $5.5 million, partially offset by a favorable prior year. $13.4 million development.

Hamilton’s gross premiums written (GPW) increased $79.3 million, or 16.7 percent, from the prior-year quarter to $553.4 million, an increase of $18.4 million. million, or 6%, in the international sector and $60.9 million, or 36.5%, in the international sector. the Bermuda segment for the quarter.

In the third quarter of 2024, the company’s net written premiums increased by $94.3 million, or 24.6%, to $477.9 million, with an increase of $33.5 million, or 14.3%, in the international segment and $60.8 million, or 40.9%, in the Bermuda segment.

Meanwhile, net premiums earned increased by $111.8 million, or 33.2%, to $448.8 million. There was an increase of $46.6 million, or 26.1%, in the international sector, and $65.1 million, or 41.1%, in the Bermuda sector.

The attritional loss ratio (current financial year), net of reinsurance, amounts to 53.2%. The 1.6 point year-over-year decrease is explained by the absence of significant losses in the current quarter.

The net favorable change in attrition reserves for prior years, net of reinsurance, amounted to $3.2 million due to the favorable change in property and specialty categories, the unfavorable change in certain categories of property and casualty insurance, including specific large loss, Hamilton explained.

Finally, net profit for the third quarter of 2024 was $78.3 million, an increase of $34.6 million from last year’s $43.5 million. Net investment income for this quarter was $82.8 million, comprised of fixed income, short-term, cash and cash equivalents returns of $93.9 million and a loss to the Two Sigma Hamilton Fund of $11.1 million.

Hamilton noted that losses from Hurricane Milton, net of reinsurance, are estimated to be between $30 million and $70 million, which is to be reflected in the company’s fourth-quarter 2024 financial results.

In the International sector, catastrophe losses (current year and prior year), net of reinsurance, were $8.9 million, due to Hurricanes Helene and Debby in the third quarter of 2024.

Meanwhile, the Bermuda sector recorded catastrophe losses (current and prior years), net of reinsurance, of $29.4 million, due to Hurricanes Helene and Debby and hailstorms in Calgary.

For the 9 months 2024, the company reported underwriting revenue of $126.9 million, while GPW increased by $361.4 million, or 23.8%, to $1.9 billion, compared to $1.5 billion for 9 months 2023, with an increase of $125.9 million, or 15.1%, in the international segment. and $235.5 million, or 34.4%, in the Bermuda sector.

Net premiums written increased by $351.1 million year-over-year, or 31.4 percent, to $1.5 billion, from $1.1 billion last year, with an increase $133.8 million, or 24.2%, in the international segment and $217.3 million, or 38.6%, in the international segment. Bermuda segment.

Net premiums earned also increased by $300.5 million, or 31.5%, to $1.3 billion, with an increase of $132.9 million, or 26.3%, in the sector international and $167.5 million, or 37.4%, in the Bermuda sector.

The attritional loss ratio (current year), net of reinsurance, stood at 53.9%, the increase of 2.1 points year-on-year being due to losses of $37.9 million, or 3 .0 points resulting from the collapse of the Francis Scott Key Baltimore Bridge.

Unfavorable development net of prior year attrition reserves and net of reinsurance was $7.1 million, and reported net profit for 9M 2024 was $366.5 million with a combined ratio by 89.9%.

Finally, net investment income for the 9 months 2024 was $326.3 million, including returns from the Two Sigma Hamilton Fund of $207.5 million and returns from fixed income, short term and cash and cash equivalents of $118.8 million.

Pina Albo, CEO of Hamilton, said: “Just over a year ago, we launched Hamilton’s IPO, marking our transition from a privately held company to a listed company on the New York Stock Exchange. York that we are today. At the time of our IPO, we reaffirmed that achieving sustainable technical profitability was one of our primary objectives.

“Our strong results this quarter and year-to-date demonstrate our ability to achieve this important objective. This quarter, Hamilton reported a combined ratio of 93.6%, despite catastrophe losses from Hurricane Helene and other significant disasters. Both of our segments, International and Bermuda, generated profitable technical results. Year-to-date, Hamilton has achieved a combined ratio of 89.9% and an annualized return on average equity of 22.4%, demonstrating our underwriting discipline and the value of our diverse and growing franchise.